What % of your salary do you contribute to a 401k?

[Elganja]

If you're going to retire in 5 years, 401K's are terrible. If you're 20, 30, 40, or more years out, a 401K is the way to go. You're really thinking short term. People that look at their 401K returns on a weekly basis are stupid.

I agree, I make sure to contribute the maxiumum amount allowed each year

 

[Gillbot]

10 + 3 match iirc

 

[The-Noid]

0%, am I lame?

I do have a profit sharing and a target benefit though.

 

[vi edit]

0%, am I lame?

I do have a profit sharing and a target benefit though.

If your employer doesn't match anything then at least you aren't throwing away free money. If they do match, at least put in up to the match point.

 

[BurnItDwn]

We don't have 401K, we have profit sharing.
They match up to 2%, so I'm doing 2%.
I have another 2% going into a savings account that I funnel over to my brokerage account to trade stock with.
Otherwise, I'm working on paying down my mortgage as well as on home improvements.... so the rest of the money I should be saving is going there...

 

[The-Noid]

If your employer doesn't match anything then at least you aren't throwing away free money. If they do match, at least put in up to the match point.

My post was tongue and cheek. I am a partner.

We don't have a 401k we have some hybrid plans. It is the point that many people contribute but not in 401k's. Also in a sense I contribute 0 as the contributions are made for me but it is less that would be K-1ed down as income.

 

[Viper GTS]

I'm maxing both 401k and Roth IRA this year + 4% match from the company, works out to about 20-21% total.

Viper GTS

 

[The-Noid]

I'm maxing both 401k and Roth IRA this year + 4% match from the company, works out to about 20-21% total.

Viper GTS

If you are maxing 401k @ 16,500 before tax and maxing Roth IRA which is 5000 after tax or 6000 before tax that is 22,500 / .2 or approximately $112,500. Watch out because you are dangerously close to the Roth IRA contribution limits or $107,000 assuming you're a single filer.

I would love to make a Roth IRA contribution...

 

[dquan97]

0% company doesnt have 401K

 

[GT1999]

Just bumped mine to 10%. Not including company match. Should bring me to 14.5%... so I should be relativity good for a while...

 

[AstroManLuca]

0%, dollar might not even exist by the time I retire.

you sound like my dad

you buying gold with all your leftover cash instead?

 

[amdhunter]

0.

I won't let myself live long enough to see retirement and I already know that I'll have no family to leave money to.

 

[edro]

Have you not read every single one of his posts where he talks about his rich doctor wife?

Even brain surgeons don't make $400k/year.

Edit: OK, maybe they do...
http://healthcareers.about.com/od/compensationinformation/f/TopPayDoctors.htm

 

[lothar]

I'm surprised how high the matching is from some of the places mentioned here, nice to see nonetheless.

Don't get so hooked up on those high percentage figures.
My company only matches the first 2%. However they match ~$3 for each $1 you put in.

Matching 2% with the employer contributing $3 for each $1 you put down up to the first 2% is the exact same thing at a different company matching 6% with $1 per $1 matching.

If someone came here and posted that their company offers 30% matching, what they're probably neglecting to tell you is that their company only matches $0.20 or less for each $1 contribution.

 

[stag3]

18% on my own.
company gives 2%.

basically everytime i get a raise, IF i get a raise, i just increase my 401k that % since i'm already used to the paycheck i already get. if i never see the increase, i'm good LOL

 

[IceBergSLiM]

18% on my own.
company gives 2%.

basically everytime i get a raise, IF i get a raise, i just increase my 401k that % since i'm already used to the paycheck i already get. if i never see the increase, i'm good LOL

but eventually you would have to lower your standard of living because of inflation.

 

[rcpratt]

Don't get so hooked up on those high percentage figures.
My company only matches the first 2%. However they match ~$3 for each $1 you put in.

Matching 2% with the employer contributing $3 for each $1 you put down up to the first 2% is the exact same thing at a different company matching 6% with $1 per $1 matching.

If someone came here and posted that their company offers 30% matching, what they're probably neglecting to tell you is that their company only matches $0.20 or less for each $1 contribution.

If anybody is giving a matching value that is anything other than the total amount of their salary that their employer provides, they are an idiot.

For example, I get matched 100% on the first 4%, and then 50% on the next 4% - I tell people that I get 6% matching - because that's what it is.

 

[The-Noid]

If anybody is giving a matching value that is anything other than the total amount of their salary that their employer provides, they are an idiot.

For example, I get matched 100% on the first 4%, and then 50% on the next 4% - I tell people that I get 6% matching - because that's what it is.

Some are required to, to keep the plan. If there is more than 60% of plan assets by key employees the IRS will make them shut down the plan. That is why some companies offer huge benefits to contributing so that senior management can keep contributing...it's either try to get more money from contributions or contribute 3% of payroll. Generally cost/benefit is to get more contributions from non-key employees.

http://www.tpagroup.com/forms/topheavyplans.html

 

[Zebo]

None thank god. Hope you guys get your money out someday and they're not all MF global on you.

 

[Soccerman06]

I already figure Im working till Im way over 70 (walmart greeter yay!) so theres no point in putting in over 10% with matching.

 

[dud]

The max allowed by law.

I am beginning to believe that 401Ks are a joke. I attended a very depressing pre-retirement seminar 2 months ago and needless to say I have extended my "retirement" by 5 years based upon the facts provided at this event.

The scary part is that we are sold that a 401K is a way to defer paying taxes until retirement when, in fact, taxes may be MUCH higher when we retire as a result of the deficit situation.

Bottom line: defer lower taxes now to pay higher taxes in the future?

 

[poopaskoopa]

6% and they give me 10%, so 16% total.

My last employer gave me $3k for my $5k so that was less, but they had ESPP/RSUs/options.

 

[Zebo]

The max allowed by law.

I am beginning to believe that 401Ks are a joke. I attended a very depressing pre-retirement seminar 2 months ago and needless to say I have extended my "retirement" by 5 years based upon the facts provided at this event.

The scary part is that we are sold that a 401K is a way to defer paying taxes until retirement when, in fact, taxes may be MUCH higher when we retire as a result of the deficit situation.

Bottom line: defer lower taxes now to pay higher taxes in the future?

I believe you have seen nothing yet. I was reading this summer about plans to STEAL 401k's and IRA's as govt finds itself too much in the hole. This is not withstanding if you're money is actually there as MF globals accounts are finding out. Are we all going to get Maddoffed?

Then assuming everything is cool the value themselves IS complete crap. I "retired" from working in 2001 and had $44K in a 401K still have the same thing 10 years later and never touched it. That's a loss.

Since I've been self employed I've done the max IRA every year but at least I can direct that but again who knows if those funds will be there.

Situation we are headed into possession will be 9/10th of the law. I keep wealth local and accessible.

 

[Golgatha]

8% Me + 4% Company match to 401k

$5000.00 to max out my IRA account each year.

Works out to over 20% gross income saved per year. Yes I'm a weirdo and still don't think that's enough to retire with.

 

[The-Noid]

I believe you have seen nothing yet. I was reading this summer about plans to STEAL 401k's and IRA's as govt finds itself too much in the hole. This is not withstanding if you're money is actually there as MF globals accounts are finding out. Are we all going to get Maddoffed?

Then assuming everything is cool the value themselves IS complete crap. I "retired" from working in 2001 and had $44K in a 401K still have the same thing 10 years later and never touched it. That's a loss.

Since I've been self employed I've done the max IRA every year but at least I can direct that but again who knows if those funds will be there.

Situation we are headed into possession will be 9/10th of the law. I keep wealth local and accessible.

Wow you're insane! Congratulations!